Paint and Body No! I cant believe it but I have to work on the floor pans.

I ordered a new set of carpet and when I removed the old set I realized that I have some damage to the pans. I have zero experience in this area. I have asked the guys who are in the mustang club and of course I am getting two different approaches. I am leaning towards the patches method because it looks like I can be able to get it done by myself. Any chance I can learn from the way that you have done it?
 
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